Report Overview

Europe Health Insurance Market- Industry Trends & Forecast Report 2028

The Europe health insurance market was worth USD 286.3 billion in 2021 and is further projected to reach USD 440 billion by the year 2028, growing at a CAGR of 6.40% in the forecast period. The growth of the market is flourishing at a high rate owing to the increased prevalence of chronic and lifestyle illnesses among all age groups, rising healthcare costs, and high awareness of the benefits of health insurance coverage in developed countries of Europe acts as major driving factor for the market growth.

Health Insurance - Overview

The term health insurance, also referred to as medical insurance or Mediclaim, refers to a type of insurance that covers the insured's medical expenses. In simple words, the purpose of health insurance is to cover people's medical bills and expenses during an illness or course of medical treatment. These services generally cover hospital bills, including hospitalization expenses, daycare procedures, ICU charges, critical illness benefits, etc. Additionally, a health insurance policy serves as a contract between an insurance company and a policyholder that is renewed annually.

Europe Health Insurance Market Forecast and Trends

Growth Drivers

Increasing Prevalence of Chronic and Other Medical Conditions

Individual healthcare expenditures are rising as the burden of various medical problems and chronic diseases grows. As a result, consumers are increasingly relying on health insurance to cover their hospital bills and other medical expenses. Furthermore, health insurance offers lifetime plans that cover chronic conditions like cancer and diabetes and serve as a support system during treatment. Most health insurance policies also cover the continuation of therapy.

Favorable Government Policies and Initiatives

The favorable and stringent government regulations regarding health insurance in Europe act as a major driving factor for the market growth. Taking health insurance is mandatory in almost all countries in Europe. Countries like Germany, France, Switzerland, etc., make health insurance mandatory by law. According to the Organisation for Economic Co-operation and Development, around 88% of all inpatient costs are borne by government or compulsory insurance schemes.

Restraints

Complications in Claiming Reimbursements

Many insurance claim denials have made the general public wary of purchasing health insurance. The low number of health insurance plans in developing economies is due to a lack of compensation at the point of need. Insurance companies frequently fail to compensate correctly for a variety of reasons, including a lack of documentation or a misunderstanding of insurance coverage. Furthermore, the general public views insurance as a ruse, particularly in emerging and poor nations, limiting its market expansion.

Impact of COVID-19 on Europe Health Insurance Market

Following the unusual outbreak of the COVID-19 pandemic, the health insurance industry saw a considerable increase. As the number of COVID-19 patients expanded across the European countries, so did their healthcare expenditures. Many health insurance firms have developed Coronavirus Health Insurance coverage to cover the medical expenditures of COVID-19 patients. This sort of policy covers not just COVID-19-related hospitalization expenditures, but also those associated with nearly any form of viral infection.

Europe Health Insurance Market - By Type of Insurance Provider

Based on the type of insurance provider, the Europe health insurance market is segmented into public, private, and standalone insurers. The public insurance provider accounts for the largest market share because of the trust it has developed over time over its customers. Private health insurance firms, on the other hand, are becoming increasingly popular, particularly among adults, because they cover more medical expenditures than public insurance policies. The costs of medical care may not always be covered by public health insurance.

Europe Health Insurance Market - By Type of Scheme

Based on the type of scheme, the Europe health insurance market is segmented into voluntary, mandatory, community-based, and employer-based. The mandatory type of scheme accounts for the largest market share owing to the mandatory requirement of health insurance for the registered individuals in most European countries. Countries such as France, Germany, Switzerland, etc., make it compulsory under their public healthcare systems, which is driving the overall market growth.

Europe Health Insurance Market - Regional Insights

Geographically, the Europe health insurance market is segmented into the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. Denmark dominates the Europe health insurance market owing to the favorable government policies regarding health insurance. You are eligible to receive public healthcare benefits if you live in Denmark and are registered in the Danish Civil Registration System. Denmark, Luxembourg, and Sweden also cover a substantial market share.

Competitive Landscape

The leading market players in the Europe health insurance market are Bupa, Aviva plc, VitalityHealth, AXA Health, Western Provident Association, Exeter Friendly Society, Freedom Health Insurance, Health-on-line, Saga PLC, National Friendly, and other prominent players.

The Europe health insurance market is highly concentrated as consumers exhibit loyalty and confidence in the existing companies in this sector. As a result, there is a limited place in the market for new entrants. Furthermore, health insurance firms frequently collaborate with healthcare institutions to boost sales and income. In addition, market tactics including mergers, acquisitions, partnerships, and joint ventures are common in this industry.

Recent Development

• In September 2021, Mayo Clinic Healthcare and Bupa announced their two-year agreement which allows Bupa’s UK health insurance customers to access care at Mayo Clinic Healthcare.

Scope of the Report

By Type of Insurance Provider

• Public
• Private
• Standalone Insurers

By Type of Scheme

• Voluntary
• Mandatory
• Community-Based
• Employer-Based

By Type of Coverage

• Individual
• Family

By Term of Coverage

• Term
• Lifetime

By Demographics

• Minor
• Adult
• Senior Citizen

By Country

• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Type of Coverage of Insurance Provider Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Europe Health Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Europe Health Insurance Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type of Insurance Provider
         1. Public
         2. Private
         3. Standalone Health Insurers
      2. By Type of Coverage
         1. Individual
         2. Family
      3. By Mode of Purchase
         1. Insurance Agents
         2. Direct Company Representatives
         3. Online portals
      4. By End-User
         1. Adults
         2. Minors
         3. Senior Citizens
      5. By Region
         1. Northern Europe
         2. Southern Europe
         3. Eastern Europe
         4. Western Europe
6. Competitive Landscape
   1. List of Key Players and Their Type of Coverage of Insurance Providers
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership.)
7. Impact of COVID-19 on Europe Health Insurance Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Allgemeine Ortskrankenkasse
   2. Allianz Group
   3. Techniker Krankenkasse
   4. Axa S.A.
   5. Zurich Insurance Group
   6. Chubb Limited
   7. Aviva plc
   8. Assicurazioni Generali S.p.A.
   9. Bupa
   10. Dai-ichi Life International (Europe) Limited
   11. Other Prominent Players
9. Key Strategic Recommendations

List of Figures

Figure 1        Europe Health Insurance Segmentation

Figure 2        Europe Health Insurance Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        PESTEL Analysis

Figure 5        Europe Health Insurance Market Size, By Value (USD Million), 2018-2028

Figure 6        Europe Health Insurance Market Share, By Type of Insurance Provider, By Value, 2018-2028

Figure 7        Europe Health Insurance Market Share, By Type of Coverage, By Value, 2018-2028

Figure 8        Europe Health Insurance Market Share, By Mode of Purchase, By Value, 2018-2028

Figure 9        Europe Health Insurance Market Share, By End User Industry, By Value, 2018-2028

Figure 10       Europe Health Insurance Market Share, By Region, By Value, 2018-2028

Figure 11       Market Share Analysis, 2021         

List of Tables

Table 1         Europe Health Insurance Market Size, By Type of Insurance Provider, By Value, 2018-2028

Table 2         Europe Health Insurance Market Size, By Type of Coverage, By Value, 2018-2028

Table 3         Europe Health Insurance Market Size, By End User Industry, By Value, 2018-2028

Table 4         Europe Health Insurance Market Size, By Region, By Value, 2018-2028

Table 5         Key Players and Their Offerings

Table 6         Competitive Benchmarking, By Operating Parameters

Table 7         Merger Acquisition, Partnership, Joint-Ventures etc

Table 8         Allgemeine Ortskrankenkasse Company Overview

Table 9         Allgemeine Ortskrankenkasse Financial Overview

Table 10        Allianz Group Company Overview

Table 11        Allianz Group Financial Overview

Table 12        Techniker Krankenkasse Company Overview

Table 13        Techniker Krankenkasse Financial Overview

Table 14        Axa S.A. Company Overview

Table 15        Axa S.A. Financial Overview

Table 16        Zurich Insurance Group Company Overview

Table 17        Zurich Insurance Group Financial Overview

Table 18        Chubb Limited Company Overview

Table 19        Chubb Limited Financial Overview

Table 20        Aviva plc Company Overview

Table 21        Aviva plc Financial Overview

Table 22        Assicurazioni Generali S.p.A Company Overview

Table 23        Assicurazioni Generali S.p.A Financial Overview

Table 24        Bupa Company Overview

Table 25        Bupa Financial Overview

Table 25        Dai-ichi Life International (Europe) Limited Company Profile

Table 26        Dai-ichi Life International (Europe) Limited Financial Overview